The slope of an indifference curve represents the maximum amount of one commodity that a consumer is willing to give up in exchange for one more unit of another commodity.

Describe three features of monopolistic competition that differentiate it from monopoly

What will be an ideal response?

Which of the following cost relationships is not true?

A) AFC = AC - MC B) TVC = TC - TFC C) The change in TVC/the change in Q = MC D) The change in TC/ the change in Q = MC